Prologis sells Tamarac warehouse to New York Life affiliate

Distribution center spans 285k sf and traded hands for $90 psf

Miami /
Aug.August 14, 2018 05:30 PM

9439 West Commercial Boulevard and New York Life Real Estate Investors’ Brian Seaman

Prologis just sold a warehouse in Tamarac for $25.72 million.

The 285,600-square-foot warehouse at 9439 West Commercial Boulevard traded hands for about $90 per square foot. The buyer is a company tied to New York Life Investments, which operates as the investment management arm of the U.S. insurer New York Life Insurance Company.

The distribution center was originally owned by KTR Capital Partners, which paid $13.5 million for the property in 2006, records show. KTR was acquired by Prologis and Norway’s sovereign wealth fund in 2015 for $5.9 billion. 

The industrial site features 122,000 square feet of warehouse space with office space on the second level. Tenants include Ferguson Plumbing and Kitchen Craft. Other features include dock doors, drive-in doors, overhead cranes, an outside storage area and signage on Commercial Boulevard.

NYL Investments manages about $245 billion for its parent company New York Life Insurance and select strategic partners, according to its website. The insurance company is also a major commercial real estate lender. 

Prologis, meanwhile, has been busy selling off its collection of industrial properties. In December it sold a portfolio of properties in Broward and Palm Beach counties to Chicago-based Equity Office for more than $110 million. 


Related Articles

arrow_forward_ios
1600 Northeast 12th Terrace
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
EverWest buys Hialeah Gardens industrial building for $43M
EverWest buys Hialeah Gardens industrial building for $43M
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
RFR's Aby Rosen with 100 Biscayne, RFR, Lease Roundup
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
SROA Capital's Ben Macfarland III with 000 Pembroke Road (LinkedIn, Loopnet)
SROA Capital pays $20M for Hallandale Beach industrial-flex property
SROA Capital pays $20M for Hallandale Beach industrial-flex property
LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
Industrial play: Alliance HP trades one West Palm complex for another
Industrial play: Alliance HP trades one West Palm complex for another
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...